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WTI oil net bullish positions rose for 3rd week

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The latest Commitment of Traders (COT) data shows speculators sharply raised their overall bullish bets in WTI oil futures higher for the third consecutive week last week.

    The non-commercial contracts of crude oil futures witnessed a change of +31,734 contracts to total a net position of +244,252 contracts in the data reported for March 8th. Long positions advanced by +5,828 contracts, while short positions dropped by -25,906 contracts.

    Speculator positions are now at the highest level since November 3rd 2015. Meanwhile, the commercials, hedgers or traders engaged in buying and selling for business purposes, increased their existing bearish positions to a net total position of -241,089 contracts through March 8th.
    For more information, read our latest forex news.
     

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